balance sheet transactions to try to make money because it's hard to make money in a zero interest rate environment but as a result they're creating systemic risk and perhaps setting us up for another financial collapse so that's one concern on the other hand if you do taper where you're going to find is that it's very deflationary it's counter to a lot of what the fed's trying to accomplish the fed actually wants more inflation because they're worried about the inflation and they want to cheaper dollars because they want to import some inflation in the form of higher import prices so the problem is but if you keep easing and keep asset purchases and actually try to get more inflation get the cheaper dollar you may be creating bubbles and you may be creating systemic risk so that tapering crowd is worried about the risk of bubbles popping and off balance sheet games by banks the non tapering crowd is worried about deflation and a stronger dollar the answer is there is no good choice you're going to take significant risk either way this is what happens when you manipulate that way in the market guar